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Remortgage or roll with the variable rate?

W00tang
Posts: 5 Forumite
My wife and I are looking to move in a couple of years, earlier if possible. We were going to move this summer, but when we found out she was pregnant figured her maternity pay wouldn't be ideal to upsize our house (and therefore mortgage).
Before covid hit, the plan was to remortgage for a low rate for 2 years and then move. Now with rates so low, I'm wondering if it would be feasible to stick the variable rate and potentially move as early as next September.
Would anyone have any recommendations or warnings on this? I appreciate it's just opinion, I just want to make sure I've considered all options before discussing with my wife what the options are. Thanks in advance
Before covid hit, the plan was to remortgage for a low rate for 2 years and then move. Now with rates so low, I'm wondering if it would be feasible to stick the variable rate and potentially move as early as next September.
Would anyone have any recommendations or warnings on this? I appreciate it's just opinion, I just want to make sure I've considered all options before discussing with my wife what the options are. Thanks in advance
1
Comments
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Some mortgage providers allow you to port a fixed mortgage- so you will get best of both worlds (assuming the property you move to is accepted)0
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You need to think long and hard about this.
If you take a new deal and decide in 6/12 months time you want to move but the computer at your current mortgage lender says NO then you have early repayment charges.
Why not look at a tracker deal with No ERC,s for the time being.
The stamp duty holiday may help with the costs of moving.
Only you and your wife know how safe your jobs are, how much equity and savings you have, how suitable your home is to accommodate a new baby.
Where you now live and where you want to move too for jobs and schools.0 -
The SVR is going to be considerably higher than taking another product from those on offer from your existing lender. Why pay more than you need to? The mortgage will be portable.0
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What short term products can your current lender offer?0
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which lender?0
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